Ferro Announces CEO Transition

Peter T. Thomas Named Interim President and CEO as Board Conducts
Search

Director William B. Lawrence Becomes Acting Chairman

November 13, 2012 04:30 PM Eastern Standard Time

CLEVELAND--(BUSINESS WIRE)--Ferro Corporation (NYSE: FOE) (the “Company”) today announced that James
F. Kirsch has stepped down as President and Chief Executive Officer. The
Company’s Board of Directors also accepted Mr. Kirsch’s resignation from
the Board. Peter T. Thomas, Operating Vice President of Polymer and
Ceramic Engineered Materials, has been named Interim President and Chief
Executive Officer. The Board has engaged a third-party search firm to
assist in the search for a permanent successor to Mr. Kirsch and will
consider both internal and external candidates. William B. Lawrence, a
member of Ferro’s Board of Directors, is serving as Acting Chairman of
the Board.

“On behalf of the entire Board, I want to thank Jim for his dedication
and many contributions to Ferro,” said Mr. Lawrence. “Since late 2004,
he was instrumental in strengthening our balance sheet, developing a
strong Company culture and improving our organizational processes, but
the Board and Jim have agreed that now is the right time to identify new
leadership for the future. Through this transition, the Board remains
committed to the previously announced strategic review of our solar
pastes business, and to aggressively pursuing actions to improve
profitability and build shareholder value.

“The Company is moving aggressively to enhance its return on invested
capital,” continued Mr. Lawrence. “Peter has more than 30 years of
experience in the chemicals and materials manufacturing industries and
has a track record at Ferro of enhancing value through cost reductions
and improved leverage on existing capital. Peter also has led successful
growth initiatives at Ferro, including the development of the pigmented
inks business for digital tile printing. His experience and achievements
led to the Board’s decision to select him for this interim position and
to consider him a candidate to become the permanent Chief Executive
Officer.”

Peter Thomas has served as Operating Vice President of Polymer and
Ceramic Engineered Materials at Ferro since 2009. He began his career
with Ferro in 2000 as Director of Sales for Polymer Additives, and has
held positions of increasing responsibility, including Commercial
Director for Performance and Fine Chemicals, and Vice President of
Organic Specialties. Prior to joining Ferro, Mr. Thomas was Vice
President of the Oleochemical-Derivatives business unit for Witco
Corporation, where he also served as Vice President of Sales and Global
Market Director. Before joining Witco, he served in a variety of roles
at Inland Leidy Chemical Distribution, GAF Corporation, and Noxell
Corporation. Mr. Thomas received a Master of Business Administration
degree from Loyola College, Baltimore, Maryland, and a Bachelor of
Science degree in chemistry from Duquesne University, Pittsburgh,
Pennsylvania.

About Ferro Corporation

Ferro Corporation (http://www.ferro.com)
is a leading global supplier of technology-based performance materials
for manufacturers. Ferro materials enhance the performance of products
in a variety of end markets, including electronics, solar energy,
telecommunications, pharmaceuticals, building and renovation,
appliances, automotive, household furnishings, and industrial products.

Headquartered in Mayfield Heights, Ohio, the Company has approximately
5,100 employees globally and reported 2011 sales of $2.2 billion.